The Institute for Supply Management announced on Friday that manufacturing in the US reached a six-year high, seeing activity rise to 58.8 on its index versus 56.3 in July. This is the highest the index has risen since April 2011. This number indicates strong global growth in manufacturing and increased consumer and business confidence in the economy. The report also recorded a rise in hiring among manufacturers and an increase in sales. US output grew by 3% this past quarter and economists project similar or higher growth in this current quarter, continuing the trend. Of the 18 manufacturing industries that make up the report, 14 reported growth in August, including textile mills and computer and electronic products. Comments from the institute panel indicate expanding business conditions, new orders, higher production and increased employment. Chemical products showed “steady demand”, and “demand for light construction equipment continues strong; usually this time of year demand slackens”.
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Sources: Institute for Supply Management, Wall Street Journal
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